NEW YORK CITY-Cushman & Wakefield announced Wednesday that it has been appointed by 625 Ground Lessor LLC to market the ground lessor's position at 625 Madison Ave. The property spans the full block-front on the east side of Madison Avenue, between 58th and 59th streets.
The underlying ground features a 17-story, 563,000 square foot Class A office and retail tower. Fashion industry giant Polo Ralph Lauren occupies 70 percent of the building. The ground lease term expires in 41 years.
The office and retail building leasehold at 625 Madison is owned and operated by SL Green Realty Corp., New York City's largest office landlord and one of the most prominent US public REITs. A Cushman & Wakefield New York capital markets team of Helen Hwang, Steve Kohn, Nat Rockett, Karen Wiedenmann and Sujohn Sarkar are marketing the ground lessor's position.
“So few leased fee positions ever sell within the Plaza District, Manhattan's epicenter of wealth and prestige. 625 Madison's location is unbeatable, amid the best retailers in the world and across from the GM Building,” says Hwang, EVP, in the announcement.
“The owner of an unleveraged leased fee is in the senior-most secured position, typically making the investment one of the safest options in commercial real estate,” says Kohn, president, equity, debt & structured finance. “The spectacular location of 625 Madison truly makes this a once-in-a-lifetime opportunity for the right investor.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
